MAISTRO-EU: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
MAISTRO-EU
Largest movements
- Receivables within one year +€90,635
new in 2025: €90,635
of which Trade receivables: +€79,700
- Stocks and contracts +€19,700
new in 2025: €19,700
- Tangible fixed assets +€1,602
up €1,602 (+65.7%), from €2,437 to €4,039
of which Plant, machinery and equipment: +€1,602
- Trade debts +€74,923
up €74,923 (+110%), from €68,217 to €143,140
- Tax, wage and social debts +€22,800
new in 2025: €22,800
- Profit (loss) carried forward +€14,214
up €14,214 (+21.6%), from -€65,780 to -€51,566
- Gross operating margin +€27,106
up €27,106 (+43.0%), from -€63,083 to -€35,977
- Depreciation -€742
no longer reported in 2025 (was €742)
From the 2023 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €22,437 | €134,374 | +€111,937 | +499% |
| Fixed assets | 21/28 | €2,437 | €4,039 | +€1,602 | +65.7% |
| Tangible fixed assets | 22/27 | €2,437 | €4,039 | +€1,602 | +65.7% |
| Plant, machinery and equipment | 23 | €1,903 | €3,505 | +€1,602 | +84.2% |
| Furniture and vehicles | 24 | €534 | €534 | = | 0.0% |
| Current assets | 29/58 | €20,000 | €130,335 | +€110,335 | +552% |
| Stocks and contracts in progress | 3 | - | €19,700 | +€19,700 | |
| Stocks | 30/36 | - | €19,700 | +€19,700 | |
| Amounts receivable within one year | 40/41 | - | €90,635 | +€90,635 | |
| Trade receivables | 40 | - | €79,700 | +€79,700 | |
| Other amounts receivable | 41 | - | €10,935 | +€10,935 | |
| Cash at bank and in hand | 54/58 | €20,000 | €20,000 | = | 0.0% |
| Total equity and liabilities | 10/49 | €22,437 | €134,374 | +€111,937 | +499% |
| Equity | 10/15 | -€45,780 | -€31,566 | +€14,214 | +31.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€65,780 | -€51,566 | +€14,214 | +21.6% |
| Amounts payable | 17/49 | €68,217 | €165,940 | +€97,723 | +143% |
| Amounts payable within one year | 42/48 | €68,217 | €165,940 | +€97,723 | +143% |
| Trade debts | 44 | €68,217 | €143,140 | +€74,923 | +110% |
| Suppliers | 440/4 | €68,217 | €143,140 | +€74,923 | +110% |
| Taxes, remuneration and social security | 45 | - | €22,800 | +€22,800 | |
| Remuneration and social security | 454/9 | - | €22,800 | +€22,800 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €742 | - | -€742 | |
| Other operating charges | 640/8 | €1,955 | €1,932 | -€23 | -1.2% |
| Gross operating margin | 9900 | -€63,083 | -€35,977 | +€27,106 | +43.0% |
| Operating profit (loss) | 9901 | -€65,780 | -€37,909 | +€27,871 | +42.4% |
| Profit (loss) for the period before taxes | 9903 | -€65,780 | -€37,909 | +€27,871 | +42.4% |
| Profit (loss) for the period | 9904 | -€65,780 | -€37,909 | +€27,871 | +42.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€65,780 | -€37,909 | +€27,871 | +42.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.